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KEY POINTS
- Mark Cuban said Dogecoin is the “best entertainment bang for your buck available”
- He confirmed he bought some Dogecoin for his son
- He said he used it to teach him about the economics of supply and demand
Even though Dogecoin has no intrinsic value, Mark Cuban, judge and investor at “Shark Tank” and the billionaire owner of the Dallas Mavericks, said he did buy the joke cryptocurrency for his son for educational and entertainment purposes.
Dogecoin, Cuban said, is less than a dime, so people can buy $1 or $10 worth and then have fun watching its price the whole day.
“With all seriousness, it’s the best entertainment bank for your buck available,” he told Forbes in an interview.
He apparently bought a few dollars’ worth of the cryptocurrency for his son, and they discussed its price movements and why they occur.
“It’s fun, it’s exciting and educational for him,” he added, noting that some of his son’s friends have bought as well.
Cuban also shared his thoughts on Dogecoin when asked for advice on Twitter last week. “It gives you a better chance of winning than a lottery ticket all while teaching the economics of supply and demand and introducing people to crypto assets,” the billionaire tweeted.
Dogecoin has had its share of pumps and dumps in the past. Recently, however, it reached fever pitch when traders organized on the subreddit r/WallStreetBets turned their attention to cryptocurrency after the GameStop fiasco. Dogecoin became the likely pump target because, as Cuban said, it is worth a dime.
The Dogecoin pump was also fueled by Elon Musk, who constantly tweeted about the cryptocurrency in previous weeks. In a Clubhouse chat, he did say he’s tweeting Dogecoin as a joke but also said it will be ironic and entertaining if it becomes the “world currency” because of the GameStop fiasco.
Many other known personalities have tweeted about Dogecoin as well, including Kevin Jonas from Jonas Brothers and Kiss member Gene Simmons.
Should investors buy Dogecoin? One YouTuber interviewed by Forbes named Ben Phillips said people should be cautious with the cryptocurrency.
“I wouldn’t advise buying Dogecoin. But buy Dogecoin,” he said, noting that there is always this risk of people losing money.
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